Manafort's NYC property

TODAY IN REAL ESTATE — Members of the State Senate’s Independent Democratic Conference will release their findings on “the impact of poorly maintained bank-owned properties on communities” at 1 p.m. in 250 Broadway in Lower Manhattan on the 20th floor. Their report, titled “Nightmare Neighbors: How Badly Maintained Homes Damage Neighborhoods” will detail the effect of properties on surrounding home values. They will also propose legislation to combat the issue. Several hours later, tenant advocates will gather outside the office of IDC member Jose Peralta to push for the passage of three bills intended to protect tenants from being priced out of their homes. One would repeal vacancy decontrol; another would reform the preferential rent system and a third would roll back the vacancy bonus property owners get when tenants leave rent-stabilized units. The attendees will urge Peralta to persuade his IDC colleagues to sponsor the bills and bring them to the floor for a vote when the legislative session begins in Albany. The press conference is scheduled to begin at 4 p.m., following a march 30 minutes earlier from the 7 train stop at Junction Boulevard to Peralta’s office in East Elmhurst.

QUOTE OF THE DAY: “The High Line is a rusty rail bridge and they put some plants on it.” That’s famed architect Frank Gehry’s take on the New York City tourist attraction atop an elevated rail yard in Chelsea. Read more on his comments in The Real Deal here.

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TRUMP TROUBLE — "Manafort's Pricey Brooklyn Brownstone May Not Be His Much Longer," by Bloomberg's Andrew Martin and Paul Cox: “Paul Manafort made his name as a political adviser, helping GOP politicians and foreign leaders recast their images and win elections. But for the past five years, Manafort has been active in real estate, investing in properties in Brooklyn, Manhattan, Virginia and California, and then borrowing heavily against some of those properties and others that he owns. Manafort, 68, an ex-campaign chairman for Donald Trump, was indicted Monday on tax, money laundering and conspiracy charges. Among the allegations is that Manafort laundered money through properties in Brooklyn and SoHo. As part of the case, the government is seeking forfeiture of the Brooklyn brownstone and the SoHo condominium, as well as Manafort’s house in the Hamptons and a house in Arlington, Virginia, purchased in 2012 by one of Manafort’s daughters.” Read the story here.

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— “Maryland investigating Kushner Companies over apartments,” by CNN Money’s Cristina Alesci: “The Maryland attorney general is investigating one of the Kushner family's real estate businesses after media reports surfaced earlier this year about allegedly abusive debt collection practices and poor conditions at several of its properties.” Read the story here.

BIG DEAL — "UPS signs megadeals in BK and Queens," by The Real Deal's Mark Maurer: “When it comes to leasing volume for industrial space in New York City’s outer boroughs, UPS is delivering. The package-delivery giant recently signed a long-term triple-net lease for two massive sites in Brooklyn and Queens spanning a total of 1.7 million square feet, The Real Deal has learned.” Read the story here.

ON THE MARKET — “Israeli insurer takes stake in ATCO’s 240 West 35th St,” by The Real Deal’s Mark Maurer: “Israeli insurance giant Migdal Group bought a 49 percent stake in an 18-story Garment District office building owned by ATCO Properties & Management, the seller told The Real Deal.” Read the story here.

ZONED OUT — Planning commissioners urged to carefully weigh controversial East Side tower decision, by POLITICO New York's Conor Skelding: The fate of an extraordinary private zoning application that would block an 800-foot development planned for Manhattan's East Side, seen as likely to pass earlier this month, now may not be so clear. Read the story here.

IN THE ZONE — "City Planning Approves Bedford-Union Armory Plan as 2 Protesters Arrested," by DNAinfo's Rachel Holliday Smith: “The City Planning Commission on Monday approved a plan to repurpose the Bedford-Union Armory over community protests and concerns about the controversial redevelopment project. The CPC voted 11 to 1 to give the 540,000-square-foot development a green light as protesters attempted to interrupt the commission’s hearing in Manhattan on Monday afternoon.” Read the story here.

— Eighteen months after the approval of Mayor Bill de Blasio’s first neighborhood-wide rezoning in East New York,Brooklyn, Department of City Planning staff say a developer has been found to build a 275-unit affordable project on a city-owned site, financed the preservation of 589 low- and moderate-income apartments and moved 436 homeless families into apartments, while closing three shelters. City Planning Commission Chair Marisa Lago said she’d recently toured the neighborhood with local Councilman Rafael Espinal and found that he’s acting as a “behind-the-scenes adviser” to other Council members whose districts are being considered for rezoning. See the city’s presentation on progress in East New York here.

WITNESS STAND — De Blasio donor says he pressured mayor on SL Green plan in East Midtown, by POLITICO New York's Laura Nahmias: Jona Rechnitz, the de Blasio donor whose testimony forms the bedrock of the federal government’s corruption case against former corrections union leader Norman Seabrook, offered a new example Monday of his alleged effort to get access to Mayor Bill de Blasio on behalf of a friend. In 2014, Andrew Penson, the head of Argent Ventures, LLC and the owner of Grand Central Terminal, was trying to stop real estate developer SL Green from building a super-tower next to the terminal. ... Penson made no secret of his displeasure with the city at the time, but in Rechnitz’s telling, he was integrally involved in helping Penson pressure the mayor. Read the story here.

— Rechnitz says he paid for de Blasio fundraiser's hotel, communicated with mayor weekly, by POLITICO New York’s Laura Nahmias: Rechnitz testified Monday that he personally paid for a hotel stay for Mayor Bill de Blasio's top fundraiser during a visit to the Dominican Republic, and communicated with the mayor on a weekly basis. Read the story here.

NATIONAL TRENDS — “Stuck in Place, U.S. Homeowners Hunker Down as Housing Supply Stays Tight,” by The Wall Street Journal’s Laura Kusisto and Christina Rexrode: “Despite rising home prices and a growing economy, U.S. homeowners’ mobility rate is stuck at a 30-year low as many opt to stay put rather than move to pursue job opportunities or trade up for more space. ” Read the story here.

— “People are buying US homes at the fastest rate in 30 years,” by The Real Deal’s Eddie Small: “If you want to buy a home these days, you’d better be ready to move fast. Buyers are snatching up homes in the U.S. at the fastest pace in 30 years, with the typical home now spending just three weeks on the market, according to Bloomberg.” Read the story here.

SLOW MOTION — “Will the $590 million New York Wheel project ever pay off?,” by Crain’s Joe Anuta: “The website for the 630-foot-tall Ferris wheel in the works on the North Shore of Staten Island allows visitors to check its progress 24 hours a day. But since a July dispute with the original contractor led to a construction shutdown, the only action the cameras have captured are container ships chugging through the harbor.” Read the story here.

— “City's first outlet mall holds promise,” by Crain’s Matthew Flamm: “Empire Outlets, which aims to bring low-price name-brand retail to Staten Island in the spring, has been on the drawing board since 2012. That was long before e-commerce began hammering brick-and-mortar giants into submission. ... The good news for the St. George development is that outlet stores and other off-price retailers are the closest thing to a bright spot in the retail world.” Read the story here.

SHIFTING LANDSCAPE — "Staying in Crown Heights, Even as It Gentrifies," by The New York Times' Kim Velsey: “When new owners bought her Crown Heights apartment building a few years ago, Lisa Mathis feared that she might be pushed out of not only her eight-unit rental building, but also the neighborhood. But even as Crown Heights — and her building — has become a destination for New Yorkers priced out of trendier parts of Brooklyn, Ms. Mathis has found a surprising kinship with her new neighbors, rather than a clash between old and new.” Read the story here.

TAKE A LOOK — "Permits Filed For 126 Fifth Avenue And 680 Baltic Street, Park Slope, Brooklyn," by YIMBY's Andrew Nelson: “Permits have been filed for Avery Hall Investment’s two-building development in Park Slope, Brooklyn. ... The project had been the source of debate for many locals, but it has since been approved and is moving forward.” See the renderings here.

— "Historic Domino Sugar Factory Redevelopment Sees Major Update, Williamsburg," by YIMBY's Nikolai Fedak: “Two Trees’ plans for the Domino Factory redevelopment have seen several shifts over the years, but progress is already underway across several of the sites comprising the masterplan, which entails thousands of new units across a multitude of towers. Now, the full plans for the actual Domino Factory redevelopment are out....” See the renderings here.

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About The Author : Sally Goldenberg

Sally Goldenberg is a senior reporter for POLITICO New York, reporting on housing, economic development and real estate. She joined the team in October 2013 to cover New York City Mayor Bill de Blasio’s administration, with a focus on budget and labor contracts.

Previously, Sally covered the New York City Council and former Mayor Michael Bloomberg’s administration for the New York Post. She also reported for the Staten Island Advance (July 2005 - May 2008), and covered municipal government for the New Jersey Star-Ledger (December 2002 - June 2005) and the Hillsborough Beacon (from June through December 2002).

A native of Elizabeth, New Jersey, Sally now lives in Brooklyn. She has a bachelor’s degree in Journalism from Rutgers University.

About The Author : Conor Skelding

Conor Skelding reports on real estate and the New York City Council. He graduated from Columbia University in 2014 with a B.A. in English.